Japan’s Metaplanet Stock Jumps 10% After Disclosing Additional BTC Purchase

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Tokyo-listed investment firm Metaplanet Inc. saw its shares rise 9.88% on Tuesday after announcing that it had purchased an additional 250 million yen ($1.58 million) worth of bitcoin. According to a statement disclosed on June 11, Metaplanet bought 23.351 BTC, bringing its total bitcoin holdings to over 141.07 BTC ($9.54 million).

Recent Bitcoin Purchases

Metaplanet’s latest bitcoin purchase follows previous acquisitions on April 23 and May 10. Its average purchase price per bitcoin was 1.027 million yen or about $65,300. Bitcoin is currently trading at $67,566, down from last week’s peak of nearly $72,000.

Stock Performance

Metaplanet Inc.’s stock soared to 89 yen per share at closing on Tuesday, marking a significant short-term jump since its initial announcement of a bitcoin investment focus on April 9. At the time, the stock traded at around 19 yen.

Strategic Pivot Towards Bitcoin

In response to the pandemic-induced investment landscape, Metaplanet restructured its assets and businesses, pivoting towards a bitcoin-centric vision. The company announced last month that it had adopted bitcoin as its strategic treasury reserve asset due to ongoing economic adversity in Japan, including high government debt levels, prolonged periods of negative real interest rates, and a weak yen.

Global Bitcoin Holdings

According to BitcoinTreasuries.net, public companies around the world own a total of 308,688 bitcoins, led by MicroStrategy Inc. The Michael Saylor-led firm owns 214,400 BTC, representing over 50% of its market capitalization.

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